In more recent times, the mercantilism dogma was revived by the UK economist John Maynard Keynes (1883-1946) when he stated that a surplus in balance-of-trade stimulates demand, thus increasing the national wealth. When corporations, politicians, and unions demand control over imports through higher-duties to protect local jobs and industries, they are resorting to mercantilism. See also laissez faire economics.

Use 'mercantilism' in a Sentence

The philosophy of mercantilism in centuries past was a problem for foreign policy, and frequently caused stress between nations. The countries who held this belief close to their heart frequently were at conflict with their neighbors.

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Johnny, Dave and Susie are competing for resources and land in Settlers of Catan, a game where ever increased production, coupled with selfish trading behavior, rewards the players with the strongest sense of mercantilism.

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The economy of the United States started to decline when they abandoned mercantilism in favor of cheaper outsourced labor in other countries.